LONDON--(BUSINESS WIRE)--
ACE Group today announced the launch of Image Protect, a new, innovative
insurance product designed to help companies across the Middle East and
North Africa region effectively manage their reputational risks.
A recent study1 conducted by ACE with businesses across 15
countries, including several within the MENA region, found that 92% of
companies believe that reputational risk is the most challenging
category of risk to manage.
ACE Image Protect has been designed to address this concern by providing
cover to protect businesses financially, should an accident happen that
injures their customers, other visitors or staff on their premises or
any other covered location. More specifically, companies can benefit
from:
-
Immediate financial assistance, enabling the company to make
cash payments to customers, and visitors who may have been injured on
the premises, in cases of accidental death and accidental permanent or
partial disability. By allowing it to take action quickly and to
provide immediate financial assistance to people who have been injured
without the requirements for any legal process or determination of
fault, this benefit potentially saves money for the company through
helping to mitigate the risk of expensive reputational damage, and
reducing the likelihood and severity of any associated future
litigation.
-
A dedicated budget for incident response, enabling a company to
hire the right experts who can help it to reduce reputational risk in
the aftermath of a mass-loss incident, for example through providing
professional counselling and PR/ communications services.
-
A choice of four coverage options according to the company’s
individual needs. Companies can choose to cover the following risks on
the company’s premises or at an agreed location:
-
Option 1 – acts of terrorism;
-
Option 2 – cases of assault, hold up, hostage, strikes, riots or
civil commotions, fire, collapse or explosions, and natural
disasters;
-
Option 3 – cover for any accident that occurs ;
-
Option 4 – all three above options
Steve Dixon, Managing Director for ACE in MENA, said:
“In today’s highly connected, 24/7 news-cycle world, reputational risks
are a key source of concern for MENA companies as they can cripple their
most valuable asset: their image. This can be a particular challenge for
those with premises or facilities that are frequently visited by the
public, and those who may not have the in-house resources they may need
to deploy in case of an incident. ACE Image Protect provides companies
in MENA with the support and confidence they need in order to deal with
a range of incident-related reputational risks.”
ENDS
About ACE:
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of the ACE
Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index.
Visit www.acegroup.com/eu
1 1 Reputation at Risk - the research for ACE was carried out
between April and June 2013 by Longitude Research, who spoke to 650 risk
managers, CROs, CFOs, COOs and other executives responsible for buying
insurance from companies with turnover of US$250 million+ in 15
countries.
Source: ACE Group